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This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Connect Finance Unlocked to your current platform

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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The Evolution in Digital Payments to CDBCs

The Evolution in Digital Payments to CDBCs

Sabrina Rochemont

25 years: Digital payments specialist

In this video, Sabrina introduces and explores the concept of CBDCs. She highlights why it is important that all financial professionals understand the direct impact that CBDCs will have on the payments landscape. This video explores what the payments landscape has traditionally looked like and how it is rapidly changing due to cryptoassets. She also defines the role of cash in society and how it’s placement in the economy is rapidly changing due to cashless alternatives.

In this video, Sabrina introduces and explores the concept of CBDCs. She highlights why it is important that all financial professionals understand the direct impact that CBDCs will have on the payments landscape. This video explores what the payments landscape has traditionally looked like and how it is rapidly changing due to cryptoassets. She also defines the role of cash in society and how it’s placement in the economy is rapidly changing due to cashless alternatives.

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The Evolution in Digital Payments to CDBCs

18 mins 23 secs

Key learning objectives:

  • Understand what the global shift in payments means for cash

  • Assess the pros and cons of cash as a means of transaction

  • Explore the impact of shifts in the payments ecosystem

  • Assess what changes in payments mean in the context of financial inclusion

Overview:

The advent of central bank digital currencies or CBDCs has been heralded as the most significant money innovation in 200 years. Financial professionals must grasp the concept of CBDCs and be able to understand why they could have a dramatic impact on the financial landscape. This video will provide context on the existing payments landscape and explain why cryptocurrencies and their underpinning technology, blockchain are set to disrupt the landscape. Blockchain is a key technology that will have an effect on the definition and functions of money and what CBDCs look like.

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Summary

What are the three key functions of money?

  • A unit of account - money provides a common standard to measure the total volume of production, income, savings, and wealth
  • A store of value - money allows for wealth to be stored and savings to occur
  • A means of exchange - money provides a common medium for the exchange of goods and services, instead of barter

Which trends have displaced traditional banking relationships?

  • Mobile network operators
  • The introduction of wallets to reduce e-commerce friction
  • Financial entities created by social media groups, such as Ant Financial
  • The rise of peer-to-peer (P2P) payments in emerging economies

Which groups are likely to feel excluded by the digital economy?

Though the digital economy will benefit those with easy access to the internet and a mobile phone, it risks alienating other groups. Vulnerable groups may not be able to afford digital tools such as devices or access to the internet and they may use cash to help them budget. Those with cognitive or visual deficiencies due to age or various disabilities may challenge the ability to use a device safely. 

There is also the issue of network coverage, remote areas may not be equipped with terrestrial or mobile networks. The bandwidth and reliability may not be sufficient to support efficient use of online tools. Finally, some groups may not be able to provide documentation to open current bank accounts. These include under-aged people, refugees, un-documented migrants, or those whose irregular income is unattractive to commercial banks

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Sabrina Rochemont

Sabrina Rochemont

Sabrina Rochemont is an experienced IT Service Management Professional. She has been researching the digitisation of payments and the possible evolution toward a cashless society for a working party. She is co-author of several papers on the topic of cashless societies including "A cashless Society - Benefits, risks and issues”, published in 2018 and “Understanding Central Bank Digital Currencies”, published in 2019. She’s also co-authored several other papers covering many aspects of the topic such as the environmental impact of payments.

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